OCCIDENTAL PETROLEUM CORPORATION Occidental Announces 4th Quarter and Full-Year 2019 Results
- Fourth quarter company-wide production of 1,402,000 BOEPD; exceeded mid-point of guidance by 78,000 BOEPD
- Permian Resources production of 476,000 BOEPD exceeded mid-point of guidance by 22,000 BOEPD
- Industry-leadingPermian Resources capital intensity
- 2020 plan of $21,000 per BOEPD added, 33% improvement from 2019
- Strengthening balance sheet; repaid 32% of debt raised for Anadarko acquisition within five months of closing
- Total debt repayments of $7.0 billion in the second half of 2019
- Capturing the $900 million overhead synergy target one year ahead of schedule
- Announced divestitures totaling $10.2 billion against target of $15.0 billion
- Returned $0.7 billion to common stockholders in the fourth quarter
- Announced 182nd consecutive quarterly dividend payment
HOUSTON - February 27, 2020 - Occidental Petroleum Corporation(NYSE:OXY) today announced a net loss attributable to common stockholders for the fourth quarter of 2019 of $1.3 billion, or $1.50 per diluted share, and adjusted loss attributable to common stockholders of $269 million, or $0.30 per diluted share. Fourth quarter pre-tax items affecting comparability included a charge of approximately $1.0 billion to reflect Occidental's investment in Western Midstream Partners, LP (WES) at fair value as of December 31, 2019, upon applying the equity method of accounting, Anadarko acquisition-related transaction costs of $656 million, and net gains on sale of $475 million related to Occidental's Midland Basin joint venture with Ecopetrol and a sale of real estate assets.
"The integration of our combined businesses is progressing extremely well and faster than expected
as evidenced by our outstanding operational performance and we are ahead of schedule in capturing value from our $2 billion synergy program," said President and Chief Executive Officer Vicki Hollub. "We are advancing toward achieving our divestiture target of $15 billion and repaid $7 billion of debt within five months of closing the Anadarko acquisition. Deleveraging and returning excess free cash flow to shareholders remain key priorities, and we are highly confident in our ability to achieve both."
QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax income for the fourth quarter of 2019 was $921 million, compared to $221 million for the prior quarter. The fourth quarter results included $475 million in net gains on sale related to Occidental's Midland Basin joint venture with Ecopetrol and a sale of real estate assets and a mark- to-market loss of $182 million on crude oil hedges. Excluding gains on sales and the mark-to-market loss, the increase in fourth quarter income reflected higher domestic crude oil volumes from a full quarter of production from the Anadarko acquisition, partially offset by lower international crude oil volumes.
Total average daily production volume for the fourth quarter of 2019 exceeded guidance at 1,402,000 barrels of oil equivalent per day (BOED) with Permian Resources production of 476,000 BOED due to continued improvement in well performance and reduction in downtime. International average daily production volumes also came in above guidance for the fourth quarter at 257,000 BOED.
For the fourth quarter of 2019, average WTI and Brent marker prices were $56.96 per barrel and $62.50 per barrel, respectively. Average worldwide realized crude oil prices for the fourth quarter were $56.21, flat compared to the third quarter of 2019. Average worldwide realized NGL prices increased by 19 percent from the prior quarter to $17.78 per BOE. The increase in average domestic realized gas prices to $1.61 per Mcf during the fourth quarter of 2019 was due to a full quarter of production from legacy Anadarko gas-producing operations, which have higher realized prices.
OxyChem
Chemical pre-tax income for the fourth quarter exceeded guidance at $119 million. Compared to the prior quarter, the decline in fourth quarter income was primarily due to scheduled plant outages combined with softer overall demand, resulting in lower production and sales volumes across many product lines.
Marketing and Midstream
Occidental combined the operations of WES into the Marketing and Midstream operating segment. Marketing and Midstream pre-tax loss for the fourth quarter was $769 million, compared to income of $400 million for the third quarter of 2019. Fourth quarter pre-tax income included a $1.0 billion charge to reflect Occidental's investment in WES at fair value as of December 31, 2019, upon applying the equity method of accounting. Excluding these charges, the decrease in fourth quarter pre-tax income reflected lower marketing results due to non-cashmark-to-market losses, the tightening of the Midland to MEH differential, and lower equity investment income due to the sale of the equity interests in Plains in the third quarter of 2019.
Supplemental Non-GAAP Measure
This press release refers to adjusted income, a supplemental measure not calculated in accordance with generally accepted accounting principles in the United States (GAAP). A definition of adjusted income and a reconciliation to net income, the comparable GAAP financial measure, is included in the financial schedules of this press release. Occidental's definition of adjusted income may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.
About Occidental
Occidentalis an international oil and gas exploration and production company with operations in the United States, Middle East and Latin America. We are the leading producer and largest acreage holder in the Permian Basin. Occidental is advancing a lower-carbon future with our subsidiary Oxy Low Carbon Ventures, which promotes innovative technologies that drive cost efficiencies and economically grow our business while reducing emissions. Occidental's Marketing and Midstream segment provides flow assurance for our oil and gas segment, while maximizing the value of our products. OxyChem, our chemical subsidiary, is among the top three U.S. producers for the principal products it manufactures and markets. Occidental posts or provides links to important information on our website at oxy.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about Occidental's expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, and they include, but are not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as "estimate," "project," "predict," "will," "would," "should," "could," "may," "might," "anticipate," "plan," "intend," "believe," "expect," "aim," "goal," "target," "objective," "likely" or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
Although Occidental believes that the expectations reflected in any of our forward-looking statements are reasonable, actual results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement
include, but are not limited to: the extent to which Occidental is able to successfully integrate Anadarko Petroleum Corporation (Anadarko), manage expanded operations and realize the anticipated benefits of combining Occidental and Anadarko; Occidental's ability to successfully complete the sale of the remaining assets, liabilities, businesses and operations of Occidental's Africa assets and other planned divestitures; global commodity pricing fluctuations; world health events; supply and demand considerations for Occidental's products; higher-than-expected costs; the regulatory approval environment; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; uncertainties about the estimated quantities of oil and natural gas reserves; lower-than- expected production from development projects or acquisitions; exploration risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver our oil and natural gas and other processing and transportation considerations; general economic slowdowns domestically or internationally; difficult and adverse conditions in the domestic and global capital and credit markets; the impact of potential changes in Occidental's credit ratings; uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate benchmark; political conditions and events; liability under environmental regulations, including remedial actions; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber attacks or insurgent activity; failure of risk management; changes in law or regulations; reorganization or restructuring of Occidental's operations; changes in tax rates; actions by third parties that are beyond Occidental's control; and the ability to generate cash to fund operations and repay indebtedness.
Additional information concerning these and other factors can be found in Occidental's filings with the U.S. Securities and Exchange Commission, including Occidental's Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
-0-
Contacts:
Media:
Melissa E. Schoeb 713-366-5615melissa_schoeb@oxy.com
or
Investors: Jeff Alvarez 713-215-7864
jeff_alvarez@oxy.com
On the web: oxy.com
Occidental Petroleum Corporation
Quarter 4 2019 Earnings Release Schedules Index
Schedule # Schedule Description
- Summary Highlights
- Items Affecting Comparability Detail
- Before tax allocations
- After tax allocations
- Segment Results BeforeTax Allocations
- Reported Results
- Items Affecting Comparability
- Adjusted Results (non-GAAP)
- Segment Results AfterTax Allocations
- Reported Results
- Items Affecting Comparability
- Adjusted Results (non-GAAP)
- Reconciliation - Diluted EPS
- Consolidated Condensed Statements of Operations
- Consolidated Condensed Balance Sheets
-
Consolidated Condensed Statements of Cash Flows
Detail of Capital Expenditures and Depreciation, Depletion and Amortization - Oil & Gas Net Production Volumes Per Day
- MBOE/D
- By Commodity
- Oil & Gas Net Sales Volumes Per Day and Realized Prices
- MBOE/D
- Realized Prices and Related Index Prices
- Oil and Gas Metrics
- WES Financial Information
SCHEDULE 1 | ||||||||||||||||||||||
Occidental Petroleum Corporation | ||||||||||||||||||||||
Summary Highlights | ||||||||||||||||||||||
2018 | 2019 | |||||||||||||||||||||
Quarterly | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||||
Net Income (Loss) | ||||||||||||||||||||||
Reported income (loss) attributable to common stockholders ($ millions) | $ | 708 | $ | 848 | $ | 1,869 | $ | 706 | $ | 4,131 | $ | 631 | $ | 635 | $ | (912) | $ | (1,339) | $ | (985) | ||
Reported EPS - Diluted ($/share) | $ | 0.92 | $ | 1.10 | $ | 2.44 | $ | 0.93 | $ | 5.39 | $ | 0.84 | $ | 0.84 | $ | (1.08) | $ | (1.50) | $ | (1.22) | ||
Effective tax rate on reported income (loss) (%) | 32% | 26% | 28% | 15% | 26% | 26% | 33% | (19)% | -5% | 373% | ||||||||||||
Adjusted income attributable to common stockholders (Non-GAAP) ($ millions) | (a) | $ | 708 | $ | 848 | $ | 1,360 | $ | 922 | $ | 3,838 | $ | 631 | $ | 729 | $ | 93 | $ | (269) | $ | 1,184 | |
Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | 0.92 | $ | 1.10 | $ | 1.77 | $ | 1.22 | $ | 5.01 | $ | 0.84 | $ | 0.97 | $ | 0.11 | $ | (0.30) | $ | 1.45 | |
Effective tax rate on adjusted income (loss) (%) | 32% | 26% | 27% | 12% | 25% | 26% | 30% | 51% | 84% | 36% | ||||||||||||
Average Shares Outstanding | ||||||||||||||||||||||
Basic (millions) | 765.6 | 765.7 | 761.7 | 753.8 | 761.7 | 748.9 | 748.3 | 845.7 | 894.9 | 809.5 | ||||||||||||
Diluted (millions) | 767.0 | 767.4 | 763.3 | 755.4 | 763.3 | 750.5 | 749.5 | 845.7 | 894.9 | 809.5 | ||||||||||||
Daily Production Volumes | ||||||||||||||||||||||
Total US (MBOE/D) | 336 | 358 | 384 | 410 | 372 | 421 | 446 | 835 | 1,145 | 714 | ||||||||||||
US Oil (MBBL/D) | 228 | 240 | 256 | 274 | 250 | 277 | 289 | 486 | 642 | 425 | ||||||||||||
Worldwide - Reported (MBOE/D) | 609 | 639 | 681 | 700 | 658 | 719 | 741 | 1,155 | 1,491 | 1,029 | ||||||||||||
Worldwide - Continuing Operations (MBOE/D) | 609 | 639 | 681 | 700 | 658 | 719 | 741 | 1,114 | 1,402 | 996 | ||||||||||||
Worldwide Sales - Continuing Operations (MBOE/D) | 610 | 622 | 696 | 702 | 658 | 713 | 744 | 1,116 | 1,400 | 996 | ||||||||||||
Commodity Price Realizations | ||||||||||||||||||||||
Worldwide oil ($/BBL) | $ | 61.04 | $ | 63.12 | $ | 62.67 | $ | 56.11 | $ | 60.64 | $ | 52.62 | $ | 58.91 | $ | 56.26 | $ | 56.21 | $ | 56.09 | ||
Worldwide NGL ($/BBL) | $ | 25.35 | $ | 27.21 | $ | 29.55 | $ | 22.88 | $ | 26.25 | $ | 18.14 | $ | 18.00 | $ | 14.96 | $ | 17.78 | $ | 17.06 | ||
Domestic gas ($/MCF) | $ | 2.06 | $ | 1.49 | $ | 1.58 | $ | 1.33 | $ | 1.59 | $ | 1.36 | $ | 0.23 | $ | 1.25 | $ | 1.61 | $ | 1.31 | ||
Cash Flows - Continuing Operations ($ millions) | ||||||||||||||||||||||
Operating cash flow before working capital (Non-GAAP) | (c) | $ | 1,697 | $ | 1,988 | $ | 2,553 | $ | 1,875 | $ | 8,113 | $ | 1,832 | $ | 1,771 | $ | 330 | $ | 2,199 | $ | 6,132 | |
Working capital changes | (688) | (232) | (149) | 548 | (521) | (884) | 242 | 2,148 | (435) | 1,071 | ||||||||||||
Other, net | - | - | - | 77 | 77 | - | - | - | - | - | ||||||||||||
Operating cash flow | $ | 1,009 | $ | 1,756 | $ | 2,404 | $ | 2,500 | $ | 7,669 | $ | 948 | $ | 2,013 | $ | 2,478 | $ | 1,764 | $ | 7,203 | ||
Capital expenditures | $ | (1,032) | $ | (1,287) | $ | (1,319) | $ | (1,337) | $ | (4,975) | $ | (1,259) | $ | (1,211) | $ | (1,714) | $ | (2,171) | $ | (6,355) | ||
2018 | 2019 | |||||||||||||||||||||
Year-to-date | Mar | Jun | Sep | Dec | Mar | Jun | Sep | Dec | ||||||||||||||
Net Income | ||||||||||||||||||||||
Reported income attributable to common stockholders ($ millions) | $ | 708 | $ | 1,556 | $ | 3,425 | $ | 4,131 | $ | 631 | $ | 1,266 | $ | 354 | $ | (985) | ||||||
Reported EPS - Diluted ($/share) | $ | 0.92 | $ | 2.02 | $ | 4.45 | $ | 5.39 | $ | 0.84 | $ | 1.68 | $ | 0.45 | $ | (1.22) | ||||||
Effective tax rate on reported income (loss) (%) | 32% | 29% | 28% | 26% | 26% | 30% | 55% | 373% | ||||||||||||||
Adjusted income attributable to common stockholders (Non-GAAP) ($ millions) | (a) | $ | 708 | $ | 1,556 | $ | 2,916 | $ | 3,838 | $ | 631 | $ | 1,360 | $ | 1,453 | $ | 1,184 | |||||
Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | 0.92 | $ | 2.02 | $ | 3.79 | $ | 5.01 | $ | 0.84 | $ | 1.80 | $ | 1.85 | $ | 1.45 | |||||
Effective tax rate on adjusted income (loss) (%) | 32% | 29% | 28% | 25% | 26% | 29% | 33% | 36% | ||||||||||||||
Average Shares Outstanding | ||||||||||||||||||||||
Basic (millions) | 765.6 | 765.7 | 764.3 | 761.7 | 748.9 | 748.7 | 781.1 | 809.5 | ||||||||||||||
Diluted (millions) | 767.0 | 767.2 | 765.8 | 763.3 | 750.5 | 750.0 | 782.2 | 809.5 | ||||||||||||||
Daily Production Volumes | ||||||||||||||||||||||
Total US (MBOE/D) | 336 | 347 | 359 | 372 | 421 | 434 | 569 | 714 | ||||||||||||||
US Oil (MBBL/D) | 228 | 234 | 241 | 250 | 277 | 283 | 351 | 425 | ||||||||||||||
Worldwide - Reported (MBOE/D) | 609 | 624 | 643 | 658 | 719 | 730 | 874 | 1,029 | ||||||||||||||
Worldwide - Continuing Operations (MBOE/D) | 609 | 624 | 643 | 658 | 719 | 730 | 860 | 996 | ||||||||||||||
Worldwide Sales - Continuing Operations (MBOE/D) | 610 | 616 | 643 | 658 | 713 | 728 | 859 | 996 | ||||||||||||||
Commodity Price Realizations | ||||||||||||||||||||||
Worldwide oil ($/BBL) | $ | 61.04 | $ | 62.07 | $ | 62.29 | $ | 60.64 | $ | 52.62 | $ | 55.86 | $ | 56.02 | $ | 56.09 | ||||||
Worldwide NGL ($/BBL) | $ | 25.35 | $ | 26.34 | $ | 27.54 | $ | 26.25 | $ | 18.14 | $ | 18.07 | $ | 16.62 | $ | 17.06 | ||||||
Domestic gas ($/MCF) | $ | 2.06 | $ | 1.76 | $ | 1.70 | $ | 1.59 | $ | 1.36 | $ | 0.77 | $ | 1.05 | $ | 1.31 | ||||||
Cash Flows - Continuing Operations ($ millions) | ||||||||||||||||||||||
Operating cash flows before working capital (Non-GAAP) | (c) | $ | 1,697 | $ | 3,685 | $ | 6,238 | $ | 8,113 | $ | 1,832 | $ | 3,603 | $ | 3,933 | $ | 6,132 | |||||
Working capital changes | (688) | (920) | (1,069) | (521) | (884) | (642) | 1,506 | 1,071 | ||||||||||||||
Other, net | - | - | - | 77 | - | - | - | - | ||||||||||||||
Operating cash flow | $ | 1,009 | $ | 2,765 | $ | 5,169 | $ | 7,669 | $ | 948 | $ | 2,961 | $ | 5,439 | $ | 7,203 | ||||||
Capital expenditures | $ | (1,032) | $ | (2,319) | $ | (3,638) | $ | (4,975) | $ | (1,259) | $ | (2,470) | $ | (4,184) | $ | (6,355) |
(a) See schedule 3 for non-GAAP reconciliation.
(b) See schedule 4 for non-GAAP reconciliation.
(c) See schedule 7 for non-GAAP reconciliation.
SCHEDULE 2 | |||||||||||||||||||||
Occidental Petroleum Corporation | |||||||||||||||||||||
Items Affecting Comparability Detail | |||||||||||||||||||||
(Amounts in millions) | |||||||||||||||||||||
2018 | 2019 | ||||||||||||||||||||
Before Tax Allocations | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | |||||||||||
Oil & Gas | |||||||||||||||||||||
Domestic | |||||||||||||||||||||
Asset impairments | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (285) | $ | (3) | $ | (288) | |
Asset sales gains, net | - | - | - | - | - | - | 475 | 475 | |||||||||||||
Oil collars MTM | - | - | - | - | - | - | - | 75 | (182) | (107) | |||||||||||
- | - | - | - | - | - | - | (210) | 290 | 80 | ||||||||||||
Foreign | |||||||||||||||||||||
Asset impairments | - | - | (196) | (220) | (416) | - | - | (40) | 1 | (39) | |||||||||||
- | - | (196) | (220) | (416) | - | - | (40) | 1 | (39) | ||||||||||||
Total Oil and Gas | - | - | (196) | (220) | (416) | - | - | (250) | 291 | 41 | |||||||||||
Chemical | |||||||||||||||||||||
No items affecting comparability | - | - | - | - | - | - | - | - | - | - | |||||||||||
Total Chemical | - | - | - | - | - | - | - | - | - | - | |||||||||||
Marketing & Midstream | |||||||||||||||||||||
Asset and equity investment sales gains, net | - | - | 902 | 5 | 907 | - | - | 111 | 3 | 114 | |||||||||||
WES stand up and other asset impairments | - | - | - | - | - | - | - | - | (1,002) | (1,002) | |||||||||||
Interest rate swap MTM, net | - | - | - | - | - | - | - | - | 30 | 30 | |||||||||||
Total Marketing & Midstream | - | - | 902 | 5 | 907 | - | - | 111 | (969) | (858) | |||||||||||
Corporate | |||||||||||||||||||||
Anadarko acquisition-related costs | - | - | - | - | - | - | (50) | (924) | (673) | (1,647) | |||||||||||
Bridge loan financing fees | - | - | - | - | - | - | (57) | (65) | - | (122) | |||||||||||
Other acquisition-related pension and termination benefits | - | - | - | - | - | - | - | 20 | 17 | 37 | |||||||||||
Interest rate swap MTM, net | - | - | - | - | - | - | - | (53) | 175 | 122 | |||||||||||
Other charges and asset impairments | - | - | - | - | - | - | - | - | (22) | (22) | |||||||||||
Warrants gains MTM | - | - | - | - | - | - | - | 20 | 61 | 81 | |||||||||||
Total Corporate | - | - | - | - | - | - | (107) | (1,002) | (442) | (1,551) | |||||||||||
State tax rate revaluation | - | - | - | - | - | - | - | (23) | 5 | (18) | |||||||||||
Income taxes | - | - | (197) | (1) | (198) | - | 13 | 174 | 58 | 245 | |||||||||||
Income (loss) from continuing operations | - | - | 509 | (216) | 293 | - | (94) | (990) | (1,057) | (2,141) | |||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | - | - | - | - | (13) | (13) | |||||||||||
Discontinued operations, net of taxes | - | - | - | - | - | - | - | (15) | - | (15) | |||||||||||
Totals | $ | - | $ | - | $ | 509 | $ | (216) | $ | 293 | $ | - | $ | (94) | $ | (1,005) | $ | (1,070) | $ | (2,169) | |
2018 | 2019 | ||||||||||||||||||||
After Tax Allocations | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | |||||||||||
Oil & Gas | |||||||||||||||||||||
Domestic | |||||||||||||||||||||
Asset impairments | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (223) | $ | (1) | $ | (224) | |
Asset and equity investment sales gains | - | - | - | - | - | - | 369 | 369 | |||||||||||||
Oil collars MTM | - | - | - | - | - | - | - | 58 | (141) | (83) | |||||||||||
- | - | - | - | - | - | - | (165) | 227 | 62 | ||||||||||||
Foreign | |||||||||||||||||||||
Asset impairments | - | - | (196) | (220) | (416) | - | - | (40) | 1 | (39) | |||||||||||
- | - | (196) | (220) | (416) | - | - | (40) | 1 | (39) | ||||||||||||
Total Oil and Gas | - | - | (196) | (220) | (416) | - | - | (205) | 228 | 23 | |||||||||||
Chemical | |||||||||||||||||||||
No items affecting comparability | - | - | - | - | - | - | - | - | - | - | |||||||||||
Total Chemical | - | - | - | - | - | - | - | - | - | - | |||||||||||
Marketing & Midstream | |||||||||||||||||||||
Asset and equity sales gains | - | - | 705 | 4 | 709 | - | - | 87 | 2 | 89 | |||||||||||
WES stand up and other asset impairments | - | - | - | - | - | - | - | - | (997) | (997) | |||||||||||
Interest rate swap MTM, net | - | - | - | - | - | - | - | - | 26 | 26 | |||||||||||
Total Marketing & Midstream | - | - | 705 | 4 | 709 | - | - | 87 | (969) | (882) | |||||||||||
Corporate | |||||||||||||||||||||
Anadarko acquisition-related costs | - | - | - | - | - | - | (50) | (792) | (514) | (1,356) | |||||||||||
Bridge loan financing fees | - | - | - | - | - | - | (44) | (51) | - | (95) | |||||||||||
Other acquisition-related pension and termination benefits | - | - | - | - | - | - | - | 16 | 13 | 29 | |||||||||||
Interest rate swap MTM, net | - | - | - | - | - | - | - | (42) | 137 | 95 | |||||||||||
Other charges and asset impairments | - | - | - | - | - | - | - | - | (18) | (18) | |||||||||||
Warrants gains MTM | - | - | - | - | - | - | - | 20 | 61 | 81 | |||||||||||
Total Corporate | - | - | - | - | - | - | (94) | (849) | (321) | (1,264) | |||||||||||
State tax rate revaluation | - | - | - | - | - | - | - | (23) | 5 | (18) | |||||||||||
Income (loss) from continuing operations | - | - | 509 | (216) | 293 | - | (94) | (990) | (1,057) | (2,141) | |||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | - | - | - | - | (13) | (13) | |||||||||||
Discontinued operations, net of taxes | - | - | - | - | - | - | - | (15) | - | (15) | |||||||||||
Totals | $ | - | $ | - | $ | 509 | $ | (216) | $ | 293 | $ | - | $ | (94) | $ | (1,005) | $ | (1,070) | $ | (2,169) |
SCHEDULE 3 | ||||||||||||||||||||||
Occidental Petroleum Corporation | ||||||||||||||||||||||
Segment Results BeforeTax Allocations | ||||||||||||||||||||||
(Amounts in millions, except per share and effective tax rate amounts) | ||||||||||||||||||||||
2018 | 2019 | |||||||||||||||||||||
Reported Income (Loss) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||||
Oil & Gas | ||||||||||||||||||||||
Domestic | $ | 255 | $ | 300 | $ | 209 | $ | (143) | $ | 621 | $ | 54 | $ | 153 | $ | (79) | $ | 710 | $ | 838 | ||
Foreign | 502 | 495 | 571 | 328 | 1,896 | 454 | 596 | 344 | 289 | 1,683 | ||||||||||||
Exploration | (7) | (15) | (13) | (40) | (75) | (24) | (23) | (44) | (78) | (169) | ||||||||||||
750 | 780 | 767 | 145 | 2,442 | 484 | 726 | 221 | 921 | 2,352 | |||||||||||||
Chemical | 298 | 317 | 321 | 223 | 1,159 | 265 | 208 | 207 | 119 | 799 | ||||||||||||
Marketing & Midstream | 179 | 250 | 1,698 | 675 | 2,802 | 279 | 331 | 400 | (769) | 241 | ||||||||||||
Segment income | 1,227 | 1,347 | 2,786 | 1,043 | 6,403 | 1,028 | 1,265 | 828 | 271 | 3,392 | ||||||||||||
Corporate | ||||||||||||||||||||||
Interest | (92) | (91) | (92) | (81) | (356) | (83) | (143) | (360) | (416) | (1,002) | ||||||||||||
Other | (88) | (106) | (115) | (130) | (439) | (89) | (181) | (1,089) | (845) | (2,204) | ||||||||||||
Income (loss) from continuing operations before taxes | 1,047 | 1,150 | 2,579 | 832 | 5,608 | 856 | 941 | (621) | (990) | 186 | ||||||||||||
Taxes | ||||||||||||||||||||||
Federal and state | (95) | (76) | (362) | 70 | (463) | (74) | (38) | 181 | (35) | 34 | ||||||||||||
Foreign | (244) | (226) | (348) | (196) | (1,014) | (151) | (268) | (297) | (11) | (727) | ||||||||||||
Income (loss) from continuing operations | 708 | 848 | 1,869 | 706 | 4,131 | 631 | 635 | (737) | (1,036) | (507) | ||||||||||||
Discontinued operations, net of taxes | - | - | - | - | - | - | - | (15) | - | (15) | ||||||||||||
Net income (loss) | 708 | 848 | 1,869 | 706 | 4,131 | 631 | 635 | (752) | (1,036) | (522) | ||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | - | - | - | - | - | (42) | (103) | (145) | ||||||||||||
Less: Preferred stock dividends | - | - | - | - | - | - | - | (118) | (200) | (318) | ||||||||||||
Net income (loss) attributable to common stockholders | $ | 708 | $ | 848 | $ | 1,869 | $ | 706 | $ | 4,131 | $ | 631 | $ | 635 | $ | (912) | $ | (1,339) | $ | (985) | ||
Reported diluted earnings per share | $ | 0.92 | $ | 1.10 | $ | 2.44 | $ | 0.93 | $ | 5.39 | $ | 0.84 | $ | 0.84 | $ | (1.08) | $ | (1.50) | $ | (1.22) | ||
Effective Tax Rate | 32% | 26% | 28% | 15% | 26% | 26% | 33% | (19)% | -5% | 373% | ||||||||||||
Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||||
Oil & Gas | ||||||||||||||||||||||
Domestic | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (210) | $ | 290 | $ | 80 | ||
Foreign | - | - | (196) | (220) | (416) | - | - | (40) | 1 | (39) | ||||||||||||
Exploration | - | - | - | - | - | - | - | - | - | - | ||||||||||||
- | - | (196) | (220) | (416) | - | - | (250) | 291 | 41 | |||||||||||||
Chemical | - | - | - | - | - | - | - | - | - | - | ||||||||||||
Marketing & Midstream | - | - | 902 | 5 | 907 | - | - | 111 | (969) | (858) | ||||||||||||
Segment income (loss) | - | - | 706 | (215) | 491 | - | - | (139) | (678) | (817) | ||||||||||||
Corporate | ||||||||||||||||||||||
Interest | - | - | - | - | - | - | (57) | (65) | - | (122) | ||||||||||||
Other | - | - | - | - | - | - | (50) | (937) | (442) | (1,429) | ||||||||||||
Income (loss) from continuing operations before taxes | - | - | 706 | (215) | 491 | - | (107) | (1,141) | (1,120) | (2,368) | ||||||||||||
Taxes | ||||||||||||||||||||||
Federal and state | - | - | (197) | (1) | (198) | - | 13 | 151 | 63 | 227 | ||||||||||||
Foreign | - | - | - | - | - | - | - | - | - | - | ||||||||||||
Income (loss) from continuing operations | - | - | 509 | (216) | 293 | - | (94) | (990) | (1,057) | (2,141) | ||||||||||||
Discontinued operations, net of taxes | - | - | - | - | - | - | - | (15) | - | (15) | ||||||||||||
Net income (loss) | - | - | 509 | (216) | 293 | - | (94) | (1,005) | (1,057) | (2,156) | ||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | - | - | - | - | - | - | (13) | (13) | ||||||||||||
Less: Preferred stock dividends | - | - | - | - | - | - | - | - | - | - | ||||||||||||
Net income (loss) attributable to common stockholders | $ | - | $ | - | $ | 509 | $ | (216) | $ | 293 | $ | - | $ | (94) | $ | (1,005) | $ | (1,070) | $ | (2,169) | ||
Adjusted Income (Loss) (Non-GAAP) (a) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||||
Oil & Gas | ||||||||||||||||||||||
Domestic | $ | 255 | $ | 300 | $ | 209 | $ | (143) | $ | 621 | $ | 54 | $ | 153 | $ | 131 | $ | 420 | $ | 758 | ||
Foreign | 502 | 495 | 767 | 548 | 2,312 | 454 | 596 | 384 | 288 | 1,722 | ||||||||||||
Exploration | (7) | (15) | (13) | (40) | (75) | (24) | (23) | (44) | (78) | (169) | ||||||||||||
750 | 780 | 963 | 365 | 2,858 | 484 | 726 | 471 | 630 | 2,311 | |||||||||||||
Chemical | 298 | 317 | 321 | 223 | 1,159 | 265 | 208 | 207 | 119 | 799 | ||||||||||||
Marketing & Midstream | 179 | 250 | 796 | 670 | 1,895 | 279 | 331 | 289 | 200 | 1,099 | ||||||||||||
Adjusted segment income | 1,227 | 1,347 | 2,080 | 1,258 | 5,912 | 1,028 | 1,265 | 967 | 949 | 4,209 | ||||||||||||
Corporate | ||||||||||||||||||||||
Interest | (92) | (91) | (92) | (81) | (356) | (83) | (86) | (295) | (416) | (880) | ||||||||||||
Other | (88) | (106) | (115) | (130) | (439) | (89) | (131) | (152) | (403) | (775) | ||||||||||||
Adjusted income from continuing operations before taxes | 1,047 | 1,150 | 1,873 | 1,047 | 5,117 | 856 | 1,048 | 520 | 130 | 2,554 | ||||||||||||
Taxes | ||||||||||||||||||||||
Federal and state | (95) | (76) | (165) | 71 | (265) | (74) | (51) | 30 | (98) | (193) | ||||||||||||
Foreign | (244) | (226) | (348) | (196) | (1,014) | (151) | (268) | (297) | (11) | (727) | ||||||||||||
Adjusted income | 708 | 848 | 1,360 | 922 | 3,838 | 631 | 729 | 253 | 21 | 1,634 | ||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | - | - | - | - | - | (42) | (90) | (132) | ||||||||||||
Less: Preferred stock dividends | - | - | - | - | - | - | - | (118) | (200) | (318) | ||||||||||||
Adjusted income (loss) attributable to common stockholders | $ | 708 | $ | 848 | $ | 1,360 | $ | 922 | $ | 3,838 | $ | 631 | $ | 729 | $ | 93 | $ | (269) | $ | 1,184 | ||
Adjusted diluted earnings per share (Non-GAAP) | $ | 0.92 | $ | 1.10 | $ | 1.77 | $ | 1.22 | $ | 5.01 | $ | 0.84 | $ | 0.97 | $ | 0.11 | $ | (0.30) | $ | 1.45 | ||
Effective Tax Rate | 32% | 26% | 27% | 12% | 25% | 26% | 30% | 51% | 84% | 36% | ||||||||||||
(a) Non-GAAP Measure
Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management's performance, but rather is meant to provide useful information to investors interested in comparing Occidental's earnings performance between periods. Reported net income is considered representative of management's performance over the long term, and adjusted income is not considered
to be an alternative to net income reported in accordance with GAAP.
SCHEDULE 4 | ||||||||||||||||||||||
Occidental Petroleum Corporation | ||||||||||||||||||||||
Segment Results AfterTax Allocations | ||||||||||||||||||||||
(Amounts in millions, except per share amounts) | ||||||||||||||||||||||
2018 | 2019 | |||||||||||||||||||||
Reported Income (Loss) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||||
Oil & Gas | ||||||||||||||||||||||
Domestic | $ | 199 | $ | 233 | $ | 163 | $ | (111) | $ | 484 | $ | 42 | $ | 119 | $ | (63) | $ | 554 | $ | 652 | ||
Foreign | 255 | 247 | 260 | 62 | 824 | 248 | 351 | 165 | 179 | 943 | ||||||||||||
Exploration | (7) | (12) | (11) | (34) | (64) | (22) | (21) | (40) | (72) | (155) | ||||||||||||
447 | 468 | 412 | (83) | 1,244 | 268 | 449 | 62 | 661 | 1,440 | |||||||||||||
Chemical | 230 | 247 | 248 | 160 | 885 | 205 | 159 | 161 | 83 | 608 | ||||||||||||
Marketing & Midstream | 146 | 209 | 1,342 | 541 | 2,238 | 227 | 274 | 352 | (809) | 44 | ||||||||||||
Segment income | 823 | 924 | 2,002 | 618 | 4,367 | 700 | 882 | 575 | (65) | 2,092 | ||||||||||||
Corporate | ||||||||||||||||||||||
Interest | (92) | (91) | (92) | (81) | (356) | (83) | (130) | (295) | (416) | (924) | ||||||||||||
Other | (88) | (106) | (115) | (130) | (439) | (89) | (181) | (1,024) | (845) | (2,139) | ||||||||||||
Taxes | 65 | 121 | 74 | 299 | 559 | 103 | 64 | 7 | 290 | 464 | ||||||||||||
Income (loss) from continuing operations | 708 | 848 | 1,869 | 706 | 4,131 | 631 | 635 | (737) | (1,036) | (507) | ||||||||||||
Discontinued operations, net of taxes | - | - | - | - | - | - | - | (15) | - | (15) | ||||||||||||
Net income (loss) | 708 | 848 | 1,869 | 706 | 4,131 | 631 | 635 | (752) | (1,036) | (522) | ||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | - | - | - | - | - | (42) | (103) | (145) | ||||||||||||
Less: Preferred stock dividends | - | - | - | - | - | - | - | (118) | (200) | (318) | ||||||||||||
Net income (loss) attributable to common stockholders | $ | 708 | $ | 848 | $ | 1,869 | $ | 706 | $ | 4,131 | $ | 631 | $ | 635 | $ | (912) | $ | (1,339) | $ | (985) | ||
Reported diluted earnings per share | $ | 0.92 | $ | 1.10 | $ | 2.44 | $ | 0.93 | $ | 5.39 | $ | 0.84 | $ | 0.84 | $ | (1.08) | $ | (1.50) | $ | (1.22) | ||
Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||||
Oil & Gas | ||||||||||||||||||||||
Domestic | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (165) | $ | 227 | $ | 62 | ||
Foreign | - | - | (196) | (220) | (416) | - | - | (40) | 1 | (39) | ||||||||||||
Exploration | - | - | - | - | - | - | - | - | - | - | ||||||||||||
- | - | (196) | (220) | (416) | - | - | (205) | 228 | 23 | |||||||||||||
Chemical | - | - | - | - | - | - | - | - | - | - | ||||||||||||
Marketing & Midstream | - | - | 705 | 4 | 709 | - | - | 87 | (969) | (882) | ||||||||||||
Segment income (loss) | - | - | 509 | (216) | 293 | - | - | (118) | (741) | (859) | ||||||||||||
Corporate | ||||||||||||||||||||||
Interest | - | - | - | - | - | - | (44) | (51) | - | (95) | ||||||||||||
Other | - | - | - | - | - | - | (50) | (798) | (321) | (1,169) | ||||||||||||
Taxes | - | - | - | - | - | - | - | (23) | 5 | (18) | ||||||||||||
Income (loss) from continuing operations | - | - | 509 | (216) | 293 | - | (94) | (990) | (1,057) | (2,141) | ||||||||||||
Discontinued operations, net of taxes | - | - | - | - | - | - | - | (15) | - | (15) | ||||||||||||
Net income (loss) | - | - | 509 | (216) | 293 | - | (94) | (1,005) | (1,057) | (2,156) | ||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | - | - | - | - | - | - | (13) | (13) | ||||||||||||
Less: Preferred stock dividends | - | - | - | - | - | - | - | - | - | - | ||||||||||||
Net income (loss) attributable to common stockholders | $ | - | $ | - | $ | 509 | $ | (216) | $ | 293 | $ | - | $ | (94) | $ | (1,005) | $ | (1,070) | $ | (2,169) | ||
Adjusted Income (Loss) (Non-GAAP) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||||
Oil & Gas | ||||||||||||||||||||||
Domestic | $ | 199 | $ | 233 | $ | 163 | $ | (111) | $ | 484 | $ | 42 | $ | 119 | $ | 102 | $ | 327 | $ | 590 | ||
Foreign | 255 | 247 | 456 | 282 | 1,240 | 248 | 351 | 205 | 178 | 982 | ||||||||||||
Exploration | (7) | (12) | (11) | (34) | (64) | (22) | (21) | (40) | (72) | (155) | ||||||||||||
447 | 468 | 608 | 137 | 1,660 | 268 | 449 | 267 | 433 | 1,417 | |||||||||||||
Chemical | 230 | 247 | 248 | 160 | 885 | 205 | 159 | 161 | 83 | 608 | ||||||||||||
Marketing & Midstream | 146 | 209 | 637 | 537 | 1,529 | 227 | 274 | 265 | 160 | 926 | ||||||||||||
Segment income | 823 | 924 | 1,493 | 834 | 4,074 | 700 | 882 | 693 | 676 | 2,951 | ||||||||||||
Corporate | ||||||||||||||||||||||
Interest | (92) | (91) | (92) | (81) | (356) | (83) | (86) | (244) | (416) | (829) | ||||||||||||
Other | (88) | (106) | (115) | (130) | (439) | (89) | (131) | (226) | (524) | (970) | ||||||||||||
Taxes | 65 | 121 | 74 | 299 | 559 | 103 | 64 | 30 | 285 | 482 | ||||||||||||
Adjusted income | 708 | 848 | 1,360 | 922 | 3,838 | 631 | 729 | 253 | 21 | 1,634 | ||||||||||||
Less: Adjusted income attributable to noncontrolling interests | - | - | - | - | - | - | - | (42) | (90) | (132) | ||||||||||||
Less: Preferred stock dividends | - | - | - | - | - | - | - | (118) | (200) | (318) | ||||||||||||
Adjusted income (loss) attributable to common stockholders | $ | 708 | $ | 848 | $ | 1,360 | $ | 922 | $ | 3,838 | $ | 631 | $ | 729 | $ | 93 | $ | (269) | $ | 1,184 | ||
Adjusted diluted earnings per share (Non-GAAP) | $ | 0.92 | $ | 1.10 | $ | 1.77 | $ | 1.22 | $ | 5.01 | $ | 0.84 | $ | 0.97 | $ | 0.11 | $ | (0.30) | $ | 1.45 | ||
Reconciliation - Diluted Earnings Per Share | ||||||||||||||||||||||
Reported Diluted Earnings Per Share (GAAP) | $ | 0.92 | $ | 1.10 | $ | 2.44 | $ | 0.93 | $ | 5.39 | $ | 0.84 | $ | 0.84 | $ | (1.08) | $ | (1.50) | $ | (1.22) | ||
After-Tax Adjustments for Items Affecting Comparability | ||||||||||||||||||||||
Oil & Gas | ||||||||||||||||||||||
Domestic | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (0.19) | $ | 0.25 | $ | 0.08 | ||
Foreign | - | - | (0.26) | (0.29) | (0.55) | - | - | (0.05) | 0.00 | (0.05) | ||||||||||||
Exploration | - | - | - | - | - | - | - | - | - | - | ||||||||||||
Chemical | - | - | - | - | - | - | - | - | - | - | ||||||||||||
Marketing & Midstream | - | - | 0.93 | - | 0.93 | - | - | 0.10 | (1.09) | (1.09) | ||||||||||||
WES | - | - | - | - | - | - | - | - | - | |||||||||||||
Corporate | ||||||||||||||||||||||
Interest | - | - | - | - | - | - | (0.06) | (0.06) | - | (0.12) | ||||||||||||
Other | - | - | - | - | - | - | (0.07) | (0.94) | (0.36) | (1.44) | ||||||||||||
Taxes | - | - | - | - | - | - | - | (0.03) | 0.01 | (0.02) | ||||||||||||
Discontinued Operations | - | - | - | - | - | - | - | (0.02) | - | (0.02) | ||||||||||||
Net income attributable to noncontrolling interests | - | - | - | - | - | - | - | - | (0.01) | (0.01) | ||||||||||||
Total After-Tax Adjustments for Items Affecting Comparability | $ | - | $ | - | $ | 0.67 | $ | (0.29) | $ | 0.38 | $ | - | $ | (0.13) | $ | (1.19) | $ | (1.20) | $ | (2.67) | ||
Adjusted Diluted Earnings Per Share (Non-GAAP) | $ | 0.92 | $ | 1.10 | $ | 1.77 | $ | 1.22 | $ | 5.01 | $ | 0.84 | $ | 0.97 | $ | 0.11 | $ | (0.30) | $ | 1.45 | ||
Average Diluted Shares Outstanding (millions) | 767.0 | 767.4 | 763.3 | 755.4 | 763.3 | 750.5 | 749.5 | 845.7 | 894.9 | 809.5 |
The difference between reported average diluted shares outstanding and adjusted average diluted shares outstanding is immaterial and does not impact the calculation of adjusted earnings per share. As such, adjusted earnings per share is calculated as adjusted income (loss) divided by reported average diluted shares outstanding.
SCHEDULE 5 | ||||||||||||||||||||||
Occidental Petroleum Corporation | ||||||||||||||||||||||
Consolidated Condensed Statements of Operations | ||||||||||||||||||||||
(Amounts in millions, except per-share amounts) | ||||||||||||||||||||||
2018 | 2019 | |||||||||||||||||||||
Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | |||||||||||||
REVENUES AND OTHER INCOME | ||||||||||||||||||||||
Net sales | ||||||||||||||||||||||
Oil & Gas | $ | 2,454 | $ | 2,531 | $ | 2,889 | $ | 2,567 | $ | 10,441 | $ | 2,351 | $ | 2,718 | $ | 3,821 | $ | 4,533 | $ | 13,423 | ||
Chemical | 1,154 | 1,176 | 1,185 | 1,142 | 4,657 | 1,059 | 998 | 1,071 | 974 | 4,102 | ||||||||||||
Marketing & Midstream | 389 | 603 | 1,367 | 1,297 | 3,656 | 816 | 909 | 1,163 | 1,244 | 4,132 | ||||||||||||
Eliminations | (234) | (227) | (225) | (244) | (930) | (222) | (205) | (368) | (469) | (1,264) | ||||||||||||
3,763 | 4,083 | 5,216 | 4,762 | 17,824 | 4,004 | 4,420 | 5,687 | 6,282 | 20,393 | |||||||||||||
Interest, dividends and other income | 29 | 38 | 34 | 35 | 136 | 78 | 41 | 56 | 42 | 217 | ||||||||||||
Gains on sale of assets, net | 33 | 10 | 926 | 5 | 974 | 7 | 15 | 128 | 472 | 622 | ||||||||||||
3,825 | 4,131 | 6,176 | 4,802 | 18,934 | 4,089 | 4,476 | 5,871 | 6,796 | 21,232 | |||||||||||||
COSTS AND OTHER DEDUCTIONS | ||||||||||||||||||||||
Oil and gas operating expense | 613 | 616 | 680 | 852 | 2,761 | 645 | 717 | 962 | 922 | 3,246 | ||||||||||||
Transportation expense | 43 | 38 | 41 | 30 | 152 | 31 | 33 | 217 | 340 | 621 | ||||||||||||
Chemical and midstream costs of sales | 694 | 711 | 722 | 706 | 2,833 | 669 | 636 | 741 | 745 | 2,791 | ||||||||||||
Purchased commodities | 13 | 100 | 343 | 366 | 822 | 365 | 431 | 441 | 442 | 1,679 | ||||||||||||
Selling, general and administrative | 130 | 142 | 151 | 162 | 585 | 140 | 163 | 242 | 337 | 882 | ||||||||||||
Other operating and non-opertating expense | 177 | 260 | 280 | 311 | 1,028 | 238 | 260 | 363 | 564 | 1,425 | ||||||||||||
Taxes other than on income | 108 | 115 | 110 | 106 | 439 | 111 | 123 | 198 | 275 | 707 | ||||||||||||
Depreciation, depletion and amortization | 921 | 947 | 1,023 | 1,086 | 3,977 | 973 | 1,031 | 1,706 | 2,271 | 5,981 | ||||||||||||
Asset impairments and other charges | 30 | 12 | 214 | 305 | 561 | - | - | 325 | 1,036 | 1,361 | ||||||||||||
Anadarko acquisition-related costs | - | - | - | - | - | - | 50 | 924 | 673 | 1,647 | ||||||||||||
Exploration expense | 15 | 21 | 24 | 50 | 110 | 36 | 35 | 63 | 112 | 246 | ||||||||||||
Interest and debt expense, net | 97 | 97 | 96 | 99 | 389 | 98 | 153 | 381 | 434 | 1,066 | ||||||||||||
2,841 | 3,059 | 3,684 | 4,073 | 13,657 | 3,306 | 3,632 | 6,563 | 8,151 | 21,652 | |||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS | 984 | 1,072 | 2,492 | 729 | 5,277 | 783 | 844 | (692) | (1,355) | (420) | ||||||||||||
OTHER ITEMS | ||||||||||||||||||||||
Gains (losses) on interest rate swaps and warrants, net | - | - | - | - | - | - | - | (33) | 266 | 233 | ||||||||||||
Income from equity investments | 63 | 78 | 87 | 103 | 331 | 73 | 97 | 104 | 99 | 373 | ||||||||||||
63 | 78 | 87 | 103 | 331 | 73 | 97 | 71 | 365 | 606 | |||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,047 | 1,150 | 2,579 | 832 | 5,608 | 856 | 941 | (621) | (990) | 186 | ||||||||||||
Income tax expense | (339) | (302) | (710) | (126) | (1,477) | (225) | (306) | (116) | (46) | (693) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 708 | 848 | 1,869 | 706 | 4,131 | 631 | 635 | (737) | (1,036) | (507) | ||||||||||||
Discontinued operations, net of taxes | - | - | - | - | - | - | - | (15) | - | (15) | ||||||||||||
NET INCOME (LOSS) | 708 | 848 | 1,869 | 706 | 4,131 | 631 | 635 | (752) | (1,036) | (522) | ||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | - | - | - | - | - | (42) | (103) | (145) | ||||||||||||
Less: Preferred stock dividend | - | - | - | - | - | - | - | (118) | (200) | (318) | ||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 708 | $ | 848 | $ | 1,869 | $ | 706 | $ | 4,131 | $ | 631 | $ | 635 | $ | (912) | $ | (1,339) | $ | (985) | ||
EARNINGS PER SHARE | ||||||||||||||||||||||
BASIC EARNINGS PER COMMON SHARE | ||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.92 | $ | 1.10 | $ | 2.44 | $ | 0.93 | $ | 5.40 | $ | 0.84 | $ | 0.84 | $ | (1.06) | $ | (1.50) | $ | (1.20) | ||
Discontinued operations, net | - | - | - | - | - | - | - | (0.02) | - | (0.02) | ||||||||||||
BASIC EARNINGS PER COMMON SHARE | $ | 0.92 | $ | 1.10 | $ | 2.44 | $ | 0.93 | $ | 5.40 | $ | 0.84 | $ | 0.84 | $ | (1.08) | $ | (1.50) | $ | (1.22) | ||
DILUTED EARNINGS PER COMMON SHARE | $ | 0.92 | $ | 1.10 | $ | 2.44 | $ | 0.93 | $ | 5.39 | $ | 0.84 | $ | 0.84 | $ | (1.08) | $ | (1.50) | $ | (1.22) | ||
DIVIDENDS PER COMMON SHARE | $ | 0.77 | $ | 0.77 | $ | 0.78 | $ | 0.78 | $ | 3.10 | $ | 0.78 | $ | 0.78 | $ | 0.79 | $ | 0.79 | $ | 3.14 | ||
AVERAGE COMMON SHARES OUTSTANDING | ||||||||||||||||||||||
BASIC | 765.6 | 765.7 | 761.7 | 753.8 | 761.7 | 748.9 | 748.3 | 845.7 | 894.9 | 809.5 | ||||||||||||
DILUTED | 767.0 | 767.4 | 763.3 | 755.4 | 763.3 | 750.5 | 749.5 | 845.7 | 894.9 | 809.5 |
SCHEDULE 6 | ||||||||||||||||||
Occidental Petroleum Corporation | ||||||||||||||||||
Consolidated Condensed Balance Sheets | ||||||||||||||||||
(Amounts in millions) | ||||||||||||||||||
2018 | 2019 | |||||||||||||||||
MAR | JUN | SEP | DEC | MAR | JUN | SEP | DEC | |||||||||||
CURRENT ASSETS | ||||||||||||||||||
Cash and cash equivalents | $ | 1,606 | $ | 1,362 | $ | 2,954 | $ | 3,033 | $ | 1,752 | $ | 1,751 | $ | 4,840 | $ | 3,032 | ||
Restricted cash and restricted cash equivalents | - | - | - | - | - | - | 454 | 480 | ||||||||||
Trade receivables, net | 5,184 | 5,521 | 6,000 | 4,893 | 5,310 | 5,273 | 5,854 | 6,373 | ||||||||||
Inventories | 1,057 | 1,347 | 1,009 | 1,260 | 1,484 | 1,582 | 1,601 | 1,447 | ||||||||||
Assets held for sale | 335 | 1,664 | - | - | - | - | 6,445 | 6,026 | ||||||||||
Other current assets | 712 | 1,096 | 1,149 | 746 | 724 | 819 | 1,750 | 1,323 | ||||||||||
Total current assets | 8,894 | 10,990 | 11,112 | 9,932 | 9,270 | 9,425 | 20,944 | 18,681 | ||||||||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 1,509 | 1,551 | 1,568 | 1,680 | 1,725 | 1,777 | 3,684 | 6,389 | ||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||||
Property, plant and equipment | 71,262 | 71,214 | 72,980 | 74,420 | 75,813 | 77,004 | 136,925 | 122,347 | ||||||||||
Accumulated depreciation, depletion and amortization | (39,918) | (40,782) | (41,825) | (42,983) | (43,913) | (44,889) | (46,804) | (41,878) | ||||||||||
31,344 | 30,432 | 31,155 | 31,437 | 31,900 | 32,115 | 90,121 | 80,469 | |||||||||||
OPERATING LEASE ASSETS | - | - | - | - | 684 | 681 | 1,078 | 1,385 | ||||||||||
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET | 1,053 | 1,086 | 1,114 | 797 | 793 | 765 | 1,155 | 2,406 | ||||||||||
INTANGIBLES, NET | 8 | 8 | 8 | 8 | 8 | 7 | 2,387 | - | ||||||||||
GOODWILL - WES Midstream | - | - | - | - | - | - | 6,074 | - | ||||||||||
TOTAL ASSETS | $ | 42,808 | $ | 44,067 | $ | 44,957 | $ | 43,854 | $ | 44,380 | $ | 44,770 | $ | 125,443 | $ | 109,330 | ||
CURRENT LIABILITIES | ||||||||||||||||||
Current maturities of long-term debt | $ | - | $ | - | $ | 116 | $ | 116 | $ | 116 | $ | 116 | $ | 31 | $ | 51 | ||
Current operating lease liabilities | - | - | - | - | 240 | 252 | 463 | 569 | ||||||||||
Accounts payable | 5,059 | 5,412 | 5,443 | 4,885 | 5,261 | 5,445 | 6,789 | 7,017 | ||||||||||
Accrued liabilities | 2,011 | 2,521 | 2,813 | 2,411 | 1,920 | 2,067 | 5,175 | 5,302 | ||||||||||
Accrued income taxes | - | - | - | - | - | - | 1,036 | - | ||||||||||
Liabilities of assets held for sale | - | 145 | - | - | - | - | 2,203 | 2,010 | ||||||||||
Total current liabilities | 7,070 | 8,078 | 8,372 | 7,412 | 7,537 | 7,880 | 15,697 | 14,949 | ||||||||||
LONG-TERM DEBT, NET | ||||||||||||||||||
Long-term debt, net - Occidental | 10,309 | 10,312 | 10,198 | 10,201 | 10,203 | 10,155 | 39,946 | 38,537 | ||||||||||
Long-term debt, net - WES Midstream | - | - | - | - | - | - | 7,637 | - | ||||||||||
10,309 | 10,312 | 10,198 | 10,201 | 10,203 | 10,155 | 47,583 | 38,537 | |||||||||||
DEFERRED CREDITS AND OTHER LIABILITIES | ||||||||||||||||||
Deferred income taxes | 659 | 738 | 1,162 | 907 | 918 | 950 | 9,920 | 9,717 | ||||||||||
Asset retirement obligations | 1,248 | 1,244 | 1,249 | 1,424 | 1,430 | 1,433 | 4,164 | 4,385 | ||||||||||
Pension and postretirement obligations | 1,008 | 1,010 | 828 | 809 | 816 | 819 | 1,927 | 1,807 | ||||||||||
Environmental remediation reserves | 729 | 731 | 740 | 762 | 755 | 764 | 905 | 1,035 | ||||||||||
Operating lease liabilities | - | - | - | - | 465 | 445 | 676 | 854 | ||||||||||
Other | 1,063 | 1,023 | 919 | 1,009 | 1,020 | 977 | 3,566 | 3,814 | ||||||||||
4,707 | 4,746 | 4,898 | 4,911 | 5,404 | 5,388 | 21,158 | 21,612 | |||||||||||
EQUITY | ||||||||||||||||||
Preferred stock, $1.00 per share par value | - | - | - | - | - | - | 9,762 | 9,762 | ||||||||||
Common stock, $.20 per share par value | 179 | 179 | 179 | 179 | 179 | 179 | 209 | 209 | ||||||||||
Treasury stock | (9,168) | (9,268) | (10,162) | (10,473) | (10,653) | (10,653) | (10,653) | (10,653) | ||||||||||
Additional paid-in capital | 7,916 | 7,967 | 7,991 | 8,046 | 8,083 | 8,157 | 14,867 | 14,955 | ||||||||||
Retained earnings | 22,107 | 22,361 | 23,635 | 23,750 | 23,795 | 23,848 | 22,227 | 20,180 | ||||||||||
Accumulated other comprehensive loss | (312) | (308) | (154) | (172) | (168) | (184) | (332) | (221) | ||||||||||
Total stockholder's equity | 20,722 | 20,931 | 21,489 | 21,330 | 21,236 | 21,347 | 36,080 | 34,232 | ||||||||||
Noncontrolling interest | - | - | - | - | - | - | 4,925 | - | ||||||||||
Total equity | 20,722 | 20,931 | 21,489 | 21,330 | 21,236 | 21,347 | 41,005 | 34,232 | ||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 42,808 | $ | 44,067 | $ | 44,957 | $ | 43,854 | $ | 44,380 | $ | 44,770 | $ | 125,443 | $ | 109,330 | ||
SCHEDULE 7 | ||||||||||||||||||||||
Occidental Petroleum Corporation | ||||||||||||||||||||||
Consolidated Condensed Statements of Cash Flows and Detail of CAPEX and DD&A | ||||||||||||||||||||||
(Amounts in millions) | ||||||||||||||||||||||
2018 | 2019 | |||||||||||||||||||||
Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | |||||||||||||
OPERATING CASH FLOW FROM CONTINUING OPERATIONS | ||||||||||||||||||||||
Net income (loss) | $ | 708 | $ | 848 | $ | 1,869 | $ | 706 | $ | 4,131 | $ | 631 | $ | 635 | $ | (752) | $ | (1,036) | $ | (522) | ||
Depreciation, depletion and amortization (see detail below) | 921 | 947 | 1,023 | 1,086 | 3,977 | 973 | 1,031 | 1,706 | 2,271 | 5,981 | ||||||||||||
Deferred income tax (benefit) provision | 94 | 77 | 379 | (179) | 371 | 10 | 37 | (1,097) | 23 | (1,027) | ||||||||||||
Asset impairments and other non-cash charges | (26) | 116 | (718) | 262 | (366) | 218 | 68 | 473 | 941 | 1,700 | ||||||||||||
Operating cash flow from continuing operations before | ||||||||||||||||||||||
working capital (NON-GAAP) (see below) | 1,697 | 1,988 | 2,553 | 1,875 | 8,113 | 1,832 | 1,771 | 330 | 2,199 | 6,132 | ||||||||||||
Working capital changes | (688) | (232) | (149) | 548 | (521) | (884) | 242 | 2,148 | (435) | 1,071 | ||||||||||||
Other, net | - | - | - | 77 | 77 | - | - | - | - | - | ||||||||||||
Operating cash flow from continuing operations (GAAP) | 1,009 | 1,756 | 2,404 | 2,500 | 7,669 | 948 | 2,013 | 2,478 | 1,764 | 7,203 | ||||||||||||
INVESTING CASH FLOW FROM CONTINUING OPERATIONS | ||||||||||||||||||||||
Capital expenditures (see detail below) | (1,032) | (1,287) | (1,319) | (1,337) | (4,975) | (1,259) | (1,211) | (1,714) | (2,171) | (6,355) | ||||||||||||
Payments for purchases of assets and businesses | (177) | (65) | (484) | (202) | (928) | (69) | (7) | (27,850) | (162) | (28,088) | ||||||||||||
Sales of assets, net | 275 | 55 | 2,415 | 79 | 2,824 | 16 | 16 | 4,777 | 1,334 | 6,143 | ||||||||||||
Changes in capital accrual | (45) | 39 | 13 | 48 | 55 | (51) | (57) | (52) | (122) | (282) | ||||||||||||
Other investing activities | 8 | (57) | (39) | (94) | (182) | (52) | (29) | (59) | (151) | (291) | ||||||||||||
Investing cash flow from continuing operations | (971) | (1,315) | 586 | (1,506) | (3,206) | (1,415) | (1,288) | (24,898) | (1,272) | (28,873) | ||||||||||||
FINANCING CASH FLOW FROM CONTINUING OPERATIONS | ||||||||||||||||||||||
Cash dividends paid | (592) | (593) | (595) | (594) | (2,374) | (591) | (587) | (588) | (858) | (2,624) | ||||||||||||
Purchases of treasury stock | - | (97) | (811) | (340) | (1,248) | (237) | - | - | - | (237) | ||||||||||||
Proceeds from debt - Occidental | 978 | - | - | - | 978 | - | (108) | 21,665 | - | 21,557 | ||||||||||||
Proceeds from debt - WES Midstream | - | - | - | - | - | - | - | 1,240 | 219 | 1,459 | ||||||||||||
Payments of debt - Occidental | (500) | - | - | - | (500) | - | - | (4,949) | (2,010) | (6,959) | ||||||||||||
Payments of debt - WES Midstream | - | - | - | - | - | - | - | (1,000) | - | (1,000) | ||||||||||||
WES Midstream distribution to noncontrolling interests | - | - | - | - | - | - | - | (127) | (130) | (257) | ||||||||||||
Proceeds from issuance of preferred stock | - | - | - | - | - | - | (50) | 10,000 | - | 9,950 | ||||||||||||
Other financing activities | 10 | 5 | 8 | 19 | 42 | 14 | 19 | (8) | 282 | 307 | ||||||||||||
Financing cash flow from continuing operations | (104) | (685) | (1,398) | (915) | (3,102) | (814) | (726) | 26,233 | (2,497) | 22,196 | ||||||||||||
Cash Flow From Discontinued Operations | - | - | - | - | - | - | - | (199) | 214 | 15 | ||||||||||||
Increase (decrease) in cash and cash equivalents and | ||||||||||||||||||||||
restricted cash and restricted cash equivalents | (66) | (244) | 1,592 | 79 | 1,361 | (1,281) | (1) | 3,614 | (1,791) | 541 | ||||||||||||
Cash and cash equivalents and restricted cash and | ||||||||||||||||||||||
restricted cash equivalents - beginning | of period | 1,672 | 1,606 | 1,362 | 2,954 | 1,672 | 3,033 | 1,752 | 1,751 | 5,365 | 3,033 | |||||||||||
Cash and cash equivalents and restricted cash and | ||||||||||||||||||||||
cash equivalents - end of period | $ | 1,606 | $ | 1,362 | $ | 2,954 | $ | 3,033 | $ | 3,033 | $ | 1,752 | $ | 1,751 | $ | 5,365 | $ | 3,574 | $ | 3,574 | ||
Capital Expenditures | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||||
Oil & Gas | ||||||||||||||||||||||
Permian Resources | $ | (574) | $ | (742) | $ | (783) | $ | (674) | $ | (2,773) | $ | (775) | $ | (747) | $ | (905) | $ | (887) | $ | (3,314) | ||
Permian EOR | (124) | (116) | (119) | (159) | (518) | (133) | (135) | (121) | (116) | (505) | ||||||||||||
DJ Basin | - | - | - | - | - | - | - | (110) | (210) | (320) | ||||||||||||
Gulf of Mexico | - | - | - | - | - | - | - | (47) | (140) | (187) | ||||||||||||
Other Domestic | (4) | (2) | - | (3) | (9) | (6) | (5) | (24) | (46) | (81) | ||||||||||||
Latin America | (28) | (59) | (54) | (71) | (212) | (34) | (35) | (49) | (55) | (173) | ||||||||||||
Middle East | (174) | (180) | (160) | (151) | (665) | (155) | (153) | (135) | (124) | (567) | ||||||||||||
Exploration Drilling | (36) | (25) | (48) | (127) | (236) | (77) | (40) | (75) | (161) | (353) | ||||||||||||
Chemical | (41) | (60) | (74) | (96) | (271) | (38) | (54) | (56) | (119) | (267) | ||||||||||||
Marketing & Midstream | (44) | (81) | (68) | (23) | (216) | (26) | (26) | (161) | (248) | (461) | ||||||||||||
Corporate | (7) | (22) | (13) | (33) | (75) | (15) | (16) | (31) | (65) | (127) | ||||||||||||
$ | (1,032) | $ | (1,287) | $ | (1,319) | $ | (1,337) | $ | (4,975) | $ | (1,259) | $ | (1,211) | $ | (1,714) | $ | (2,171) | $ | (6,355) | |||
Depreciation, Depletion and Amortization | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||||
Oil & Gas | ||||||||||||||||||||||
United States | $ | 502 | $ | 556 | $ | 611 | $ | 652 | $ | 2,321 | $ | 570 | $ | 615 | $ | 1,217 | $ | 1,712 | $ | 4,114 | ||
Latin America | 27 | 25 | 26 | 24 | 102 | 26 | 37 | 37 | 34 | 134 | ||||||||||||
Middle East | 208 | 183 | 209 | 231 | 831 | 199 | 200 | 196 | 151 | 746 | ||||||||||||
Chemical | 87 | 88 | 89 | 90 | 354 | 89 | 92 | 93 | 94 | 368 | ||||||||||||
Marketing & Midstream | 87 | 86 | 78 | 80 | 331 | 79 | 76 | 147 | 261 | 563 | ||||||||||||
Corporate | 10 | 9 | 10 | 9 | 38 | 10 | 11 | 16 | 19 | 56 | ||||||||||||
$ | 921 | $ | 947 | $ | 1,023 | $ | 1,086 | $ | 3,977 | $ | 973 | $ | 1,031 | $ | 1,706 | $ | 2,271 | $ | 5,981 | |||
Adjusted Operating Cash Flow From Continuing Operations Before Working Capital (Non-GAAP) | Qtr 3 | Qtr 4 | ||||||||||||||||||||
Operating cash flow from continuing operations (GAAP) | $ | 2,478 | $ | 1,764 | ||||||||||||||||||
Less: Working capital and other, net | (2,148) | 435 | ||||||||||||||||||||
Operating cash flow from continuing operations before working capital (Non-GAAP) | 330 | 2,199 | ||||||||||||||||||||
Add back impacts from: | ||||||||||||||||||||||
Tax impact on divestitures | 880 | (643) | ||||||||||||||||||||
Anadarko acquisition-related costs | 924 | 673 | ||||||||||||||||||||
Adjusted operating cash flow from continuing operations before working capital (Non-GAAP) | $ | 2,134 | $ | 2,229 | ||||||||||||||||||
SCHEDULE 8 | ||||||||||||
Occidental Petroleum Corporation | ||||||||||||
Oil & Gas Net Production Volumes Per Day by Geographical Locations | ||||||||||||
TOTAL REPORTED PRODUCTION | ||||||||||||
2018 | 2019 | |||||||||||
REPORTED NET MBOE VOLUMES PER DAY: | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||
United States | ||||||||||||
Permian Resources | 177 | 201 | 225 | 250 | 214 | 261 | 289 | 390 | 476 | 355 | ||
Permian EOR | 154 | 153 | 155 | 156 | 154 | 156 | 153 | 154 | 153 | 154 | ||
DJ Basin | - | - | - | - | - | - | - | 163 | 314 | 120 | ||
Gulf of Mexico | - | - | - | - | - | - | - | 90 | 141 | 58 | ||
Other Domestic | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 38 | 61 | 27 | ||
Total | 336 | 358 | 384 | 410 | 372 | 421 | 446 | 835 | 1,145 | 714 | ||
Latin America | 33 | 32 | 31 | 31 | 32 | 33 | 35 | 33 | 35 | 34 | ||
Middle East | ||||||||||||
Al Hosn | 61 | 68 | 81 | 82 | 73 | 82 | 82 | 80 | 83 | 82 | ||
Dolphin | 36 | 41 | 41 | 40 | 40 | 40 | 40 | 44 | 43 | 42 | ||
Oman | 85 | 89 | 88 | 84 | 86 | 91 | 86 | 88 | 92 | 89 | ||
Qatar | 58 | 51 | 56 | 53 | 55 | 52 | 52 | 34 | 4 | 35 | ||
Total | 240 | 249 | 266 | 259 | 254 | 265 | 260 | 246 | 222 | 248 | ||
TOTAL CONTINUING OPERATIONS PRODUCTION | ||||||||||||
609 | 639 | 681 | 700 | 658 | 719 | 741 | 1,114 | 1,402 | 996 | |||
DISCONTINUED OPERATIONS - AFRICA | - | - | - | - | - | - | - | 41 | 89 | 33 | ||
TOTAL REPORTED PRODUCTION | 609 | 639 | 681 | 700 | 658 | 719 | 741 | 1,155 | 1,491 | 1,029 | ||
REPORTED NET PRODUCTION | ||||||||||||
VOLUMES PER DAY BY COMMODITY: | ||||||||||||
United States | ||||||||||||
Oil (MBBL) | ||||||||||||
Permian Resources | 109 | 123 | 139 | 155 | 132 | 157 | 170 | 221 | 273 | 207 | ||
Permian EOR | 117 | 116 | 116 | 118 | 117 | 118 | 117 | 116 | 117 | 117 | ||
DJ Basin | - | - | - | - | - | - | - | 64 | 120 | 46 | ||
Gulf of Mexico | - | - | - | - | - | - | - | 75 | 117 | 48 | ||
Other Domestic | 2 | 1 | 1 | 1 | 1 | 2 | 2 | 10 | 15 | 7 | ||
Total | 228 | 240 | 256 | 274 | 250 | 277 | 289 | 486 | 642 | 425 | ||
NGLs (MBBL) | ||||||||||||
Permian Resources | 31 | 37 | 41 | 45 | 38 | 49 | 58 | 88 | 106 | 74 | ||
Permian EOR | 28 | 28 | 31 | 30 | 29 | 30 | 29 | 30 | 29 | 30 | ||
DJ Basin | - | - | - | - | - | - | - | 38 | 73 | 28 | ||
Gulf of Mexico | - | - | - | - | - | - | - | 7 | 10 | 4 | ||
Other Domestic | - | - | 1 | - | - | - | - | 5 | 9 | 4 | ||
Total | 59 | 65 | 73 | 75 | 67 | 79 | 87 | 168 | 227 | 140 | ||
Natural Gas (MMCF) | ||||||||||||
Permian Resources | 222 | 246 | 270 | 300 | 261 | 330 | 364 | 488 | 580 | 442 | ||
Permian EOR | 56 | 54 | 48 | 48 | 50 | 46 | 44 | 45 | 41 | 44 | ||
DJ Basin | - | - | - | - | - | - | - | 364 | 727 | 275 | ||
Gulf of Mexico | - | - | - | - | - | - | - | 50 | 86 | 34 | ||
Other Domestic | 16 | 16 | 14 | 17 | 16 | 13 | 11 | 138 | 223 | 98 | ||
Total | 294 | 316 | 332 | 365 | 327 | 389 | 419 | 1,085 | 1,657 | 893 | ||
Latin America | ||||||||||||
Oil (MBBL) | 32 | 31 | 30 | 30 | 31 | 32 | 34 | 32 | 34 | 33 | ||
Natural Gas (MMCF) | 6 | 6 | 6 | 6 | 6 | 7 | 7 | 8 | 8 | 8 | ||
Middle East | ||||||||||||
Oil (MBBL) | ||||||||||||
Al Hosn | 11 | 12 | 14 | 15 | 13 | 14 | 14 | 14 | 14 | 14 | ||
Dolphin | 6 | 7 | 7 | 6 | 7 | 6 | 7 | 7 | 7 | 7 | ||
Oman | 64 | 65 | 63 | 62 | 63 | 68 | 65 | 66 | 67 | 66 | ||
Qatar | 58 | 51 | 56 | 53 | 55 | 52 | 52 | 34 | 4 | 35 | ||
Total | 139 | 135 | 140 | 136 | 138 | 140 | 138 | 121 | 92 | 122 | ||
NGLs (MBBL) | ||||||||||||
Al Hosn | 19 | 22 | 26 | 26 | 23 | 26 | 26 | 25 | 26 | 26 | ||
Dolphin | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | ||
Total | 26 | 30 | 34 | 34 | 31 | 34 | 34 | 33 | 34 | 34 | ||
Natural Gas (MMCF) | ||||||||||||
Al Hosn | 183 | 204 | 246 | 245 | 220 | 250 | 251 | 246 | 257 | 251 | ||
Dolphin | 139 | 156 | 158 | 154 | 152 | 154 | 152 | 171 | 166 | 161 | ||
Oman | 127 | 146 | 148 | 134 | 139 | 140 | 125 | 133 | 152 | 138 | ||
Total | 449 | 506 | 552 | 533 | 511 | 544 | 528 | 550 | 575 | 550 |
SCHEDULE 9
Occidental Petroleum Corporation
Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographical Locations
2018 | 2019 | ||||||||||
NET SALES MBOE VOLUMES PER DAY: | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | |
United States | 336 | 358 | 384 | 410 | 372 | 421 | 446 | 835 | 1,145 | 714 | |
Latin America | 33 | 31 | 32 | 30 | 32 | 28 | 38 | 36 | 33 | 34 | |
Middle East | |||||||||||
Al Hosn | 61 | 68 | 81 | 82 | 73 | 82 | 82 | 80 | 83 | 82 | |
Dolphin | 37 | 41 | 41 | 41 | 40 | 39 | 41 | 44 | 43 | 42 | |
Oman | 85 | 72 | 102 | 86 | 86 | 91 | 85 | 87 | 92 | 89 | |
Qatar | 58 | 52 | 56 | 53 | 55 | 52 | 52 | 34 | 4 | 35 | |
Total | 241 | 233 | 280 | 262 | 254 | 264 | 260 | 245 | 222 | 248 | |
TOTAL CONTINUING OPERATIONS SALES | |||||||||||
610 | 622 | 696 | 702 | 658 | 713 | 744 | 1,116 | 1,400 | 996 | ||
DISCONTINUED OPERATIONS - AFRICA | - | - | - | - | - | - | - | 41 | 89 | 33 | |
TOTAL REPORTED SALES | 610 | 622 | 696 | 702 | 658 | 713 | 744 | 1,157 | 1,489 | 1,029 | |
REALIZED PRICES | |||||||
United States | |||||||
Oil ($/BBL) | $ | 61.03 | $ | 61.08 | $ | 56.36 | $ |
NGLs ($/BBL) | $ | 26.89 | $ | 28.87 | $ | 31.82 | $ |
Natural Gas ($/MCF) | $ | 2.06 | $ | 1.49 | $ | 1.58 | $ |
Latin America | |||||||
Oil ($/BBL) | $ | 59.24 | $ | 65.66 | $ | 69.94 | $ |
Natural Gas ($/MCF) | $ | 5.68 | $ | 6.07 | $ | 6.74 | $ |
Middle East | |||||||
Oil ($/BBL) | $ | 61.45 | $ | 66.59 | $ | 71.71 | $ |
NGLs ($/BBL) | $ | 21.89 | $ | 23.58 | $ | 24.66 | $ |
Total Worldwide | |||||||
Oil ($/BBL) | $ | 61.04 | $ | 63.12 | $ | 62.67 | $ |
NGLs ($/BBL) | $ | 25.35 | $ | 27.21 | $ | 29.55 | $ |
Natural Gas ($/MCF) | $ | 1.82 | $ | 1.58 | $ | 1.62 | $ |
Index Prices | |||||||
WTI Oil ($/BBL) | $ | 62.87 | $ | 67.88 | $ | 69.50 | $ |
Brent Oil ($/BBL) | $ | 67.18 | $ | 74.90 | $ | 75.97 | $ |
NYMEX Natural Gas ($/MCF) | $ | 2.87 | $ | 2.75 | $ | 2.88 | $ |
Percentage of Index Prices | |||||||
Worldwide oil as a percentage of WTI | 97% | 93% | 90% | ||||
Worldwide oil as a percentage of Brent | 91% | 84% | 82% | ||||
Worldwide NGL as a percentage of WTI | 40% | 40% | 43% | ||||
Worldwide NGL as a percentage of Brent | 38% | 36% | 39% | ||||
Domestic gas as a percentage of NYMEX | 72% | 54% | 55% |
48.25 | $ | 56.30 | $ | 48.38 | $ | 55.14 | $ | 54.90 | $ | 56.00 | $ | 54.31 |
23.10 | $ | 27.64 | $ | 16.79 | $ | 16.28 | $ | 13.91 | $ | 17.25 | $ | 16.03 |
1.33 | $ | 1.59 | $ | 1.36 | $ | 0.23 | $ | 1.25 | $ | 1.61 | $ | 1.31 |
62.49 | $ | 64.32 | $ | 55.52 | $ | 62.66 | $ | 54.98 | $ | 54.96 | $ | 57.26 |
7.39 | $ | 6.43 | $ | 7.37 | $ | 7.01 | $ | 7.05 | $ | 6.69 | $ | 7.01 |
70.30 | $ | 67.69 | $ | 60.50 | $ | 65.83 | $ | 62.17 | $ | 58.14 | $ | 61.96 |
22.38 | $ | 23.20 | $ | 21.30 | $ | 22.50 | $ | 20.22 | $ | 21.26 | $ | 21.31 |
56.11 | $ | 60.64 | $ | 52.62 | $ | 58.91 | $ | 56.26 | $ | 56.21 | $ | 56.09 |
22.88 | $ | 26.25 | $ | 18.14 | $ | 18.00 | $ | 14.96 | $ | 17.78 | $ | 17.06 |
1.51 | $ | 1.62 | $ | 1.55 | $ | 1.03 | $ | 1.38 | $ | 1.63 | $ | 1.45 |
58.81 | $ | 64.77 | $ | 54.90 | $ | 59.82 | $ | 56.45 | $ | 56.96 | $ | 57.03 |
68.08 | $ | 71.53 | $ | 63.90 | $ | 68.32 | $ | 62.01 | $ | 62.50 | $ | 64.18 |
3.40 | $ | 2.97 | $ | 3.24 | $ | 2.67 | $ | 2.27 | $ | 2.50 | $ | 2.67 |
95% | 94% | 96% | 98% | 100% | 99% | 98% | ||||||
82% | 85% | 82% | 86% | 91% | 90% | 87% | ||||||
39% | 41% | 33% | 30% | 27% | 31% | 30% | ||||||
34% | 37% | 28% | 26% | 24% | 28% | 27% | ||||||
39% | 54% | 42% | 9% | 55% | 64% | 49% |
SCHEDULE 10 | |||||||||||||||||||||
Occidental Petroleum Corporation | |||||||||||||||||||||
Oil and Gas Metrics | |||||||||||||||||||||
2018 | 2019 | ||||||||||||||||||||
Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | ||||||||||||
Lease operating expenses ($/BOE) | |||||||||||||||||||||
United States | $ | 13.23 | $ | 12.72 | $ | 12.31 | $ | 11.28 | $ | 12.33 | $ | 11.83 | $ | 11.16 | $ | 8.45 | $ | 6.84 | $ | 8.71 | |
Latin America | $ | 12.00 | $ | 12.12 | $ | 12.70 | $ | 15.60 | $ | 13.08 | $ | 14.00 | $ | 9.94 | $ | 14.58 | $ | 14.68 | $ | 13.18 | |
Middle East | $ | 9.60 | $ | 10.32 | $ | 9.58 | $ | 11.07 | $ | 10.14 | $ | 9.73 | $ | 9.59 | $ | 11.22 | $ | 9.49 | $ | 10.01 | |
Total Oil and Gas | $ | 11.73 | $ | 11.80 | $ | 11.23 | $ | 11.38 | $ | 11.52 | $ | 11.14 | $ | 10.55 | $ | 9.26 | $ | 7.45 | $ | 9.19 | |
Transportation costs ($/BOE) | |||||||||||||||||||||
United States | $ | 0.09 | $ | 0.07 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.07 | $ | 0.07 | $ | 2.97 | $ | 3.92 | $ | 2.48 | |
Total Oil and Gas | $ | 0.51 | $ | 0.46 | $ | 0.46 | $ | 0.44 | $ | 0.47 | $ | 0.42 | $ | 0.43 | $ | 2.41 | $ | 3.31 | $ | 2.01 | |
Taxes other than on income ($/BOE) | |||||||||||||||||||||
United States | $ | 3.27 | $ | 3.19 | $ | 2.91 | $ | 2.68 | $ | 3.00 | $ | 2.79 | $ | 2.89 | $ | 2.40 | $ | 2.32 | $ | 2.50 | |
Total Oil and Gas | $ | 1.82 | $ | 1.86 | $ | 1.63 | $ | 1.59 | $ | 1.72 | $ | 1.68 | $ | 1.76 | $ | 1.82 | $ | 1.91 | $ | 1.81 | |
DD&A expense ($/BOE) | |||||||||||||||||||||
United States | $ | 16.63 | $ | 17.07 | $ | 17.28 | $ | 17.27 | $ | 17.08 | $ | 15.04 | $ | 15.16 | $ | 15.84 | $ | 16.23 | $ | 15.78 | |
Latin America | $ | 8.99 | $ | 8.95 | $ | 8.81 | $ | 8.77 | $ | 8.88 | $ | 10.38 | $ | 10.58 | $ | 11.00 | $ | 11.37 | $ | 10.85 | |
Middle East | $ | 9.62 | $ | 8.58 | $ | 8.15 | $ | 9.59 | $ | 8.96 | $ | 8.40 | $ | 8.44 | $ | 8.71 | $ | 7.42 | $ | 8.27 | |
Total Oil and Gas | $ | 13.44 | $ | 13.48 | $ | 13.22 | $ | 14.05 | $ | 13.56 | $ | 12.40 | $ | 12.58 | $ | 14.12 | $ | 14.72 | $ | 13.74 | |
G&A and other operating expenses ($/BOE) | $ | 3.28 | $ | 3.88 | $ | 3.78 | $ | 4.01 | $ | 3.79 | $ | 4.00 | $ | 3.54 | $ | 3.77 | $ | 3.76 | $ | 3.79 | |
O&G MTM (Gain) Loss - Collars and CO2 ($ millions) | $ | (30) | $ | (52) | $ | (39) | $ | 117 | $ | (4) | $ | (69) | $ | 3 | $ | (64) | $ | 145 | $ | 15 | |
Exploration Expense ($ millions) | |||||||||||||||||||||
United States | $ | 8 | $ | 17 | $ | 17 | $ | 22 | $ | 64 | $ | 16 | $ | 15 | $ | 31 | $ | 37 | $ | 99 | |
Latin America | 1 | 1 | 6 | 11 | 19 | 1 | 9 | 7 | 28 | 45 | |||||||||||
Middle East | 6 | 3 | 1 | 17 | 27 | 19 | 11 | 25 | 47 | 102 | |||||||||||
$ | 15 | $ | 21 | $ | 24 | $ | 50 | $ | 110 | $ | 36 | $ | 35 | $ | 63 | $ | 112 | $ | 246 |
SCHEDULE 11 | |||||||||||
Occidental Petroleum Corporation | |||||||||||
WES Financial Information | |||||||||||
(Amounts in millions) | |||||||||||
Quarter Ended December 31, 2019 | |||||||||||
STATEMENTS OF OPERATIONS ITEMS: | Occidental | WES | Eliminations | Total | |||||||
Net sales | $ | 5,857 | $ | 727 | $ | (302) | $ | 6,282 | |||
Income from equity investments | $ | 48 | $ | 51 | $ | - | $ | 99 | |||
Chemical and midstream cost of sales, SGA and other operating expense | $ | 3,728 | $ | 311 | $ | (302) | $ | 3,737 | |||
Depreciation, depletion and amortization | $ | 2,090 | $ | 181 | $ | - | $ | 2,271 | |||
CASH FLOW ITEMS: | |||||||||||
Operating cash flow | $ | 1,467 | $ | 297 | $ | - | $ | 1,764 | |||
Capital expenditures | $ | (1,950) | $ | (221) | $ | - | $ | (2,171) | |||
Debt activity, net | $ | (2,010) | $ | 219 | $ | - | $ | (1,791) | |||
Noncontrolling distributions paid | $ | - | $ | (130) | $ | - | $ | (130) |
Purchase price allocations were not pushed down to Western Gas Midstream Partners, LP (WES), and therefore will impact the comparability of results presented in this Earnings Release and WES's 2019 Form 10-K and Earnings Release.
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OXY - Occidental Petroleum Corporation published this content on 27 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2020 21:21:07 UTC
